Structural Heart Devices Market Growth Values, Major Players, Demand Overview and Forecast to 2023
Structural Heart Devices Market Size, Share, Demand Overview, Growth Values, Trends: Type (Heart Valve Devices, Annuloplasty Rings, Occluders, and Delivery Systems), Indication (Valvular Heart Disease, Cardiomyopathy), Procedure (Replacement Procedures, Repair Procedures)–Global Forecast Till 2023
Many factors that are driving the growth of the structural heart devices market. Some of these factors as per the Market Research Future (MRFR) report include upsurge in structural heart diseases, favorable reimbursement scenario in structural heart devices and heart procedures, regulatory approvals for advanced and new structural heart devices, rising awareness regarding structural heart diseases, demand for minimally invasive techniques, increasing number of surgeries owing to factors such as high blood pressure and diabetes, rise in disposal income, medical tourism, technological advancement, increasing healthcare awareness, rise in elderly population, increasing patient population and changing lifestyle. On the other hand, factors such as inaccessibility of cardiac surgeries, low affordability and lack of skilled personnel may slow the structural heart devices market pace over the predicted years.
As per the latest report of Market Research Future (MRFR), the Structural Heart Devices Market Growth is poised to expand at CAGR of 10.4% over the forecast period. The structural heart devices market is primarily driven by a radical rise in the incidence rate of non-coronary heart disorders, increased demand for minimally invasive surgical procedures, and improving reimbursement schemes. The common structural heart diseases include ventricular septal defect, atrial septal defect, arterial/venous fistulae, paravalvular leak, congenital heart disease, and patent foramen oval. With advancements in the medical field, the open-heart surgical procedures have replaced with minimally invasive procedures like transcatheter mitral valve repair (TMVR) and transcatheter aortic valve replacement (TAVR).
Competitive Landscape:
· Boston Scientific Corporation
· Comed BV
· Edwards Lifesciences Corporation
· Cook Group Incorporated
· Medtronic plc
· W. L. Gore & Associates
· Biomerics
· Endologix Inc
· ST. Jude Medical
· LivaNova plc
· CardioKinetix
· JenaValve Technology
Segmentation:
· The structural heart devices market has been segmented based on type, indication, procedure, and end-user.
· By type, the structural heart devices market has been segmented into heart valve devices, occluders and delivery systems, annuloplasty rings, accessories, and other devices.
· By indication, the structural heart devices market has been segmented into valvular heart disease, cardiomyopathy, congenital heart defects, and others.
· By procedure, the structural heart devices market has been segmented into Replacement Procedures and repair procedures.
· By end-user, the structural heart devices market has been segmented into hospitals, ambulatory surgery centers, and others.
Regional Analysis:
Geographically, the structural heart devices market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Among all the regions, the American region is considered to lead the global structural heart devices market. The increasing rate of surgeries due to high blood pressure, diabetes, and other factors contribute to the growth of the market. Moreover, growing healthcare awareness, medical tourism, technological advancements, and rising disposable income are likely to fuel the market growth in this region.
Europe is considered to hold the second largest position in the global market as structural heart devices market is most prevalent in Germany. Moreover, the increasing geriatric population, rising prevalence of obesity and diabetes are influencing the market growth in this region.
The Asia Pacific region is considered to be the fastest growing region owing to the increasing patient population, growing elderly population, and changing lifestyle. Such factors are considered to offer favorable backgrounds to the market growth.
Industry Updates
July 2019 - Abbott Laboratories, an American healthcare company, announced that its latest version of its heart device, dubbed MitraClip G4 had received FDA approval. The new heart device is equipped with advanced features that allow for customization of the mitral valve repair procedure.